What was a famous quote from Cornelius Vanderbilt?

Cornelius Vanderbilt's famous quote, "Take all the risks out of business and I will never go into business again. I want the bargain in my favor," encapsulates the bold and determined mindset of a successful entrepreneur. Vanderbilt understood that risk is an inherent part of business, and he thrived on it.

What was Cornelius Vanderbilt famous for?

Cornelius Vanderbilt is best known for his business tactics and strategies which allowed him to create a transportation empire. He is considered one of the great American industrialists of the 19th century. He is praised by some for his business acumen and criticized by others as being a robber baron.

How did Cornelius Vanderbilt get his nickname?

During the War of 1812, he gained a contract from the government to supply the forts around New York. The profits would enable Vanderbilt to build schooners and other vessels for his coastal trade. Vanderbilt acquired the nickname “Commodore” when he was in command of the largest schooner on the Hudson River.

How did Cornelius Vanderbilt treat his workers?

Answer and Explanation: Cornelius Vanderbilt did not treat his workers well. Although very wealthy, he was not particularly generous with his money and did nothing to improve the working conditions of his workers, who labored long hours for little pay. His son, William Vanderbilt (1821 to 1885), was no better.

What was Cornelius Vanderbilt philosophy?

By 1869 Vanderbilt merged the New York Central and Hudson River railroads and doubled the capitalization of the combined lines to some $90,000,000. His philosophy was to adjust the capitalization – his critics called it "stock watering" – based upon the anticipated earnings.

Cornelius Vanderbilt quotes that you SHOULD KNOW before...

Did Vanderbilt break any laws?

The adventurous Vanderbilt decided to break the New York state law during a 60-day stretch in which he cheaply ferried passengers back and forth from Elizabeth, NJ to New York City.

Did Cornelius Vanderbilt donate his money?

Rockefeller (1839-1937), Vanderbilt did not own grand homes or give away much of his vast wealth to charitable causes. In fact, the only substantial philanthropic donation he made was in 1873, toward the end of his life, when he gave $1 million to build and endow Vanderbilt University in Nashville, Tennessee.

How was Cornelius Vanderbilt aggressive?

Vanderbilt's Controversies: Vanderbilt's success also came with controversy. He was known for his aggressive business tactics, which included undercutting his competitors' prices and engaging in hostile takeovers. He was accused of using his wealth and power to influence politicians and manipulate markets.

What did Cornelius Vanderbilt give away?

Vanderbilt's second wife convinced him to give $1 million ($21,985,000 in 2022 dollars), the largest charitable gift in American history to that date, to Bishop Holland Nimmons McTyeire, the husband of her cousin, Amelia Townsend, to found Vanderbilt University in Nashville, Tennessee, named in his honor.

What did Vanderbilt do with his money?

In the early 1860s, Vanderbilt started withdrawing capital from steamships and investing in railroads. He acquired the New York and Harlem Railroad in 1862-1863, the Hudson River Railroad in 1864 and the New York Central Railroad in 1867. In 1869 they were merged into New York Central and Hudson River Railroad.

How many kids did Cornelius Vanderbilt have?

On December 19, 1813, Cornelius Vanderbilt married his cousin and neighbour, Sophia Johnson (1795-1868), daughter of his mother's sister. He and his wife had 13 children, one of which, a boy, died young. By 1830, Vanderbilt's business had expanded to the Hudson River.

Who are the Vanderbilts today?

Contemporary descendants include American art historian John Wilmerding, journalist Anderson Cooper (son of Gloria Vanderbilt), actor Timothy Olyphant, musician John P. Hammond, screenwriter James Vanderbilt, and the Duke of Marlborough James Spencer-Churchill.

How many ships did Vanderbilt have?

Vanderbilt next sold his interests, and began running steamship ferries along the Hudson River, fiercely driving out the competition. He was a millionaire by the time he was 45, owned and operated more than 100 steamships running between New York and Boston, and had more employees than any other business in the U.S.

How rich was Vanderbilt?

Vanderbilt left a fortune worth $100 million upon his death in 1877 ($2,300,000,000 today).

Where is Cornelius Vanderbilt buried?

The Vanderbilt Family Cemetery and Mausoleum is a private burial site within the Moravian Cemetery in the New Dorp neighborhood of Staten Island, New York City. It was designed by Richard Morris Hunt and Frederick Law Olmsted in the late 19th century, when the Vanderbilt family was the wealthiest in America.

Did Vanderbilt marry his cousin?

A year after the death of his wife Sophia, Vanderbilt now 73 years old, married a distant cousin named Frances Armstrong Crawford, and known as Frank. She was 34 years his junior. The marriage was probably a good one because it gave him a new outlook on life.

Who is Vanderbilt named after?

Founded in 1873, it was named in honor of shipping and rail magnate Cornelius Vanderbilt, who provided the school its initial $1 million endowment in the hopes that his gift and the greater work of the university would help to heal the sectional wounds inflicted by the American Civil War.

Is Vanderbilt a Catholic school?

Unlike some other schools, Vanderbilt is a secular university: No religious affiliation and therefore you can go about all your years during college without worrying about any pressure to do anything religious.

Why was Vanderbilt so powerful?

He invested heavily in railroads, and by the 1850s, he had become one of the most powerful railroad magnates in the country. Vanderbilt's success in the railroad industry helped him amass a fortune of over $100 million, making him one of the richest men in the world at the time.

What are 5 facts about Cornelius Vanderbilt?

Where was Cornelius Vanderbilt from?

Cornelius Vanderbilt (born May 27, 1794, Port Richmond, Staten Island, New York, U.S.—died January 4, 1877, New York, New York) American shipping and railroad magnate who acquired a personal fortune of more than $100 million.

What did Vanderbilt donate $1 million to Endow?

After the war, Vanderbilt donated $1 million to endow a university in the South, an attempt to repair relations between North and South and to help the ravaged former confederacy to recover from the Civil War. The university was eventually named for Vanderbilt, and today it is one of the nation's academic gems.

Why is Vanderbilt called the Commodores?

Vanderbilt was a steamship entrepreneur, and the nickname “commodore” was a common one for important steamboat entrepreneurs in the 1830s, when he first began to be referred to as Commodore Vanderbilt. At the time, commodore was the highest rank in the US Navy.

Was Vanderbilt generous?

His son, William Henry Vanderbilt, followed in his father's footsteps. He took the company his father started and doubled its size and power. The Vanderbilts were generous with their fortune. The philanthropy of Cornelius funded the founding of Vanderbilt University.